EUR/USD surpassed the 1.05 level as the Dollar rally took a breather on Wednesday. Economists at Commerzbank analyze the pair’s outlook.

Today's session to be dominated by everyone waiting for NFP report

The longer EUR/USD trades at levels around 1.04/1.05/1.06 the less fundamental support is required to justify these levels.

As the official labor market due for publication on Friday traditionally has considerable effect on the USD exchange rates, today's session will likely be dominated by everyone waiting for Friday's report. 

Ahead of the publication, today’s data should therefore not have the same effect as US data had in previous days. In case of considerable surprises, we might nonetheless see reactions in the USD exchange rates though.